What will be the tax liability of Mr. X for A.Y. 09-10 ?
1. H.P. Income (after deductions) - 67291
2. Interest Income - 51119
3. Long Term Capital Gain - 227935
Less:- Deduction U/s 80-C - 66378
TDS - 641
(according to me it was Rs.46055. am I right? Intt u/s 234 is taken upto march 31 2010)
to the best of my Knowledge,
1. H.P. Income (after deductions) - 67291
2. Interest Income - 51119
3. Long Term Capital Gain - 227935
Less:- Deduction U/s 80-C - (66378 )
Net income 280608
Tax Payable
1) 280608-110000 170608
(170608*20.30%) 34633
Less: TDs (641)
33992
In continuation to Mr.Raj Patel and in my opinion....
Net Income 280608
Tax on Normal Income (280608-227935) = 52673 = 0 (below 1,10,000/-)
Tax on LTCG separately at 20% (227935) = 45587 (no S.C & E.C)
less: TDS = (641)
Net tax payable = 44946
and 234B, C will also apply, accordingly check with ur answer.
CAclubindia
